Today's Business Headlines

24/09/2008 - 06:50

Bookmark

Save articles for future reference.

Burke emerges as problem for new state government; Barnett: never on a Sunday; Premier backs Woodside on marketing, tax fight; Rudd acts to ease doubts on short-selling confusion; WA's $300m lobster industry facing disaster

Today's Business Headlines

Burke emerges as problem for new state government
One of Western Australia's largest energy companies, Griffin Energy, has been dealing with disgraced lobbyist Brian Burke just days after new West Australian Premier Colin Barnett vowed to legislate to curb the activities of the master fixer. The Australian

Barnett: never on a Sunday
West Australian Premier Colin Barnett yesterday put himself on a collision course with the country's two dominant retailers and his state's peak business lobby group after rejecting full deregulation of the state's antiquated retail trading laws. The Fin Review

Premier backs Woodside on marketing, tax fight
New Premier Colin Barnett has backed gas giant Woodside Petroleum in two key disputes which could have a big impact on gas prices, putting him at odds with the influential DomGas Alliance of the Senate's major gas users and the federal government. The West

Rudd acts to ease doubts on short-selling confusion
The federal government has moved to allay market confusion over short-selling with the release of planned new disclosure rules, as regulators continued to tweak the conditions of the temporary short-selling ban. The West

WA's $300m lobster industry facing disaster
The state's $300 million western rock lobster fishery is on the verge of crisis with official monitoring revealing there are almost no baby lobsters in prime fishing locations. The West

 

THE WEST AUSTRALIAN:

Page 1: The architect of the unprecedented $US700 billion ($830 billion) bailout of the crippled US financial system has issued his sternest warning yet of the cost of failure if politicians do not accept his plan.

The state's $300 million western rock lobster fishery is on the verge of crisis with official monitoring revealing there are almost no baby lobsters in prime fishing locations.

The Russ government has been forced into an embarrassing back-down over its controversial changes the Medicare levy surcharge in a bid to get at least part of the measure through a hostile senate.

Page 4: New Premier Colin Barnett has backed gas giant Woodside Petroleum in two key disputes which could have a big impact on gas prices, putting him at odds with the influential DomGas Alliance of the Senate's major gas users and the federal government.

Page 5: The head of the WA Treasury has warned about the outlook for the state's finances, saying reforms needed to be implemented and measures taken to bring the bring the infrastructure program under control.

Business: The federal government has moved to allay market confusion over short-selling with the release of planned new disclosure rules, as regulators continued to tweak the conditions of the temporary short-selling ban.

The Bush administration and Congress are haggling over the details of a $US 700 billion ($831 billion) Wall Street bailout plan, unnerving investors worried that the effort to mop up bad debt may not be enough to revive the US economy.

Tensions between Incremental Petroleum and its hostile takeover suitor, Cooper Energy, have increased after the $104 million-rated target asked the Takeovers Panel to intervene and axe a crucial institutional acceptance facility.

The $US190 million ($226 million) move on Lehman Brothers' Asian-based assets marks a return to Australia for the Japanese securities house Nomura Holdings.

Excessive employment taxes are crippling WA business, with growth in two in five businesses restricted by taxes such as payroll tax or workers' compensation levies, according to a new report.

Slater & Gordon is closing in on the council at the centre of a methane gas leak threatening homes at Peet's Brookland Greens estate, but warned yesterday it had not rule out naming the Perth developer in any class action.

 

THE AUSTRALIAN FINANCIAL REVIEW:

Page 1: The Australian Taxation Office is continuing its crackdown on tax evasion by reviewing the use of trust arrangements by lawyers and accountants.

The corporate regulator ASIC has been forced to make emergency exemptions to stock shorting bans after trading markets virtually froze yesterday.

Experts are worried what impact a raft of rescue packages valued at $840 billion and aimed at stabilising the ailing US financial system, will have on the US economy.

Page 3: Chronic water seepage at Australia's only nuclear reactor has sparked plans to build a plant to treat the water in a sign the problem might never be fixed.

The nation's motoring groups have taken substantial hits on their investment portfolios and insurance businesses, but most have ruled out lifting fees to make up for the losses.

Page 9: West Australian Premier Colin Barnett yesterday put himself on a collision course with the country's two dominant retailers and his state's peak business lobby group after rejecting full deregulation of the state's antiquated retail trading laws.

 

THE AUSTRALIAN:

Page 1: Australia's major banks continued to reap record profits while crying poor and increasing interest rates independent of the Reserve Bank.

A British millionaire renowned for his slash and burn attitude toward cost-cutting has been named independent chairman of Nine Network owner, PBL Media.

Page 2: One of Western Australia's largest energy companies, Griffin Energy, has been dealing with disgraced lobbyist Brian Burke just days after new West Australian Premier Colin Barnett vowed to legislate to curb the activities of the master fixer.

Business: The corporate regulator ASIC has been forced to make emergency exemptions to stock shorting bans after trading markets virtually froze yesterday.

The ban on shorting in the domestic market could cost the listed ASX up to 1 per cent a month in potential earnings growth.

Key institutional shareholders, corporate governance specialists and analysts have questioned the Seven Network's investment strategy in the wake of its revelation on Monday it had incurred losses from its strategy to "park" hundreds of millions of dollars in listed securities.

No management changes are expected at Lehman Brothers Australia as a result of Nomura Holdings' acquisition of the bankrupt Lehman franchise in the Asia-Pacific region.

Uranium explorer Toro Energy says its Wiluna project in Western Australia is economically viable following a prefeasibility study that indicated significant scope to increase the value of the development.

In what could become the nation's biggest development, US oil major Chevron is looking at building a giant 25 million-tonnes-a-year liquefied natural gas export hub on the Pilbara coast from which it plans to start producing from 2015.

Unlisted retail bank BankWest has formed a referral relationship with Allianz Finance, under which the latter will provide debtor finance products to the bank's customers.

Gold miner Medusa Mining has advised its shareholders not to act on an "inadequate and opportunistic" unsolicited $182 million takeover bid by Hong Kong's Crosby Capital.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options